Sydney’s still expensive for a cheap date

The index measures the cost of a movie-and-hamburger date for two people in 32 global cities in US dollar terms. Taxi fares and two alcoholic drinks are also included. Photo: Jennifer Soo

Bianca Hartge-Hazelman

Sydney may not be as expensive as it was a year ago, but Australia is still the world’s priciest economy – even if dating just got more affordable.

It costs an average of $US104 ($111) for two people to go out on a “simple date” in Sydney – the world’s fifth priciest city, according to the Deutsche Bank Cheap Date Index. That’s the same price as dating in Paris, the city of love.

The index measures the cost of a movie-and-hamburger date for two people in 32 global cities in US dollar terms. Taxi fares and two alcoholic drinks are also included.

A date in London was the most expensive, at $US121, with New Zealand’s Wellington in second place at $US111. Edinburgh and Berlin were next at $US110 and $US105 respectively.

The cheapest place for a date was Mumbai, at just $US25.

Last year Sydney topped the list with a date costing $US229.77, while Melbourne lovebirds could expect to shell out $US226.56. However, Deutsche Bank cautioned against comparing the two years given that in 2013 a pizza and a bouquet of flowers were included in the cost of the date.

While Australia is currently the world’s most expensive major economy, the local currency’s 10¢ drop against the US dollar since January has helped to make cities like Sydney look a little more attractive from a global perspective.

According to the Big Mac Index, the price of the iconic hamburger at McDonald’s has fallen from $US4.94 in January 2012 to $US4.47 in January this year – cheaper, but still one of the world’s 10 most expensive Big Macs.

Meanwhile Melbourne is among the world’s six priciest cities to have a beer at the pub – dearer than Sydney. Paris tops the list.

Speaking on CBNC television, Deutsche Bank global strategist Sanjeev Sanyal said while it wasn’t a surprise that London was the most expensive place for a date, Mumbai’s placement at the bottom of the list reflected a curious dynamic.

“India is an interesting case – it’s cheap even though it’s continued to see high inflation – and that’s because the exchange rate is correcting for it,” Sanyal said.

A weaker Japanese yen has pushed Tokyo out of the top five – a cheap date there now costs $100.

“Everyone has this image of Japan being outrageously expensive, but it’s no longer the case,” Sanyal told CNBC. “Due to a weaker yen and the cumulative impact of years of deflation, there are many cities in the world that are now more expensive than Tokyo.”